• USA PATRIOT Act -- Final and Proposed Customer Due Diligence Regulations Applicable to Banks, Broker Dealers, Futures Commission Merchants and Mutual Funds
  • January 9, 2006 | Author: Carl A. Fornaris
  • Law Firm: Greenberg Traurig, P.A. - Miami Office
  • On December 16, 2005, the Financial Crimes Enforcement Network ("FinCEN") of the United States Department of the Treasury issued a final regulation that implements the customer due diligence obligations under Section 312 of the USA PATRIOT Act applicable to banks, broker dealers and certain other U.S. financial institutions in respect of any foreign correspondent and foreign private banking accounts that they maintain (the "Final Regulation"). FinCEN also issued a proposed regulation related to Section 312 that requires enhanced due diligence for correspondent accounts maintained for certain foreign banks (the "Proposed Regulation").